Trump's top central bank overseer said inflation appears to be on a path back to 2% and expects “only minimal impact” from trade policy.

Bowman is the second central banker in recent days to suggest tariffs are likely to have a temporary and muted impact on prices.

A top Federal Reserve official who resisted an aggressive cut last year said she is open to easing interest rates as soon as next month, in a sign support is building among policymakers for a looser monetary stance.